Gold prices rose Monday, as the US intensified its allegations about Russia’s possible involvement in the downing of a Malaysian jetliner over Ukraine while European leaders threatened broad new sanctions against Moscow.
Prices for gold have also been lifted by the continuing conflict in Gaza, as Israel’s ground forces waded into the region for the first time in nearly two weeks of fighting, sending casualties higher.
“The situations in Ukraine and Israel have been holding gold up,” Ira Epstein, a strategist at the Linn Group, told the Wall Street Journal. “As soon as it looks like either one of those is close to calming down, however, gold should be headed back down.”
The week’s biggest mover on the weekly Global Precious Metals MMI® was the price of Japanese silver, which saw a 2.4 percent decline to JPY 679.00 ($6.70) per 10 grams. This comes on the heels of a 1.3 percent increase the week before. The price of Chinese silver fell 1.6 percent to CNY 4,335 ($698.49) per kilogram after rising 2.3 percent the week before. Following a 1.7 percent increase in the week prior, the price of Indian silver fell 1.6 percent last week to INR 45,885 ($760.85) per kilogram. US silver prices held steady from the previous week at $20.89 per ounce.
The price of Chinese gold bullion fell 1.9 percent to CNY 261.51 ($42.14) per gram after rising 1.5 percent the week before. Following a 1.0 percent increase in the week prior, the price of Japanese gold bullion fell 1.8 percent last week to JPY 4,272 ($42.15) per gram. The price of Indian gold bullion fell 0.8 percent to INR 27,980 ($463.96) per 10 grams after rising 2.2 percent the week before. The price of US gold bullion rose 0.3 percent to $1,311 per ounce after falling 0.6 percent during the previous week.
Following a 0.3 percent increase in the week prior, the price of Chinese platinum bar fell 1.3 percent last week to CNY 315.00 ($50.76) per gram. Japanese platinum bar saw a 1.0 percent decline over the past week to JPY 4,872 ($48.07) per gram. The price of US platinum bar fell 0.6 percent to $1,484 per ounce after rising 0.5 percent the week before.
Closing out the third week of rising prices, the price of US palladium bar increased by 1.3 percent, landing at $878.00 per ounce. Following a 1.6 percent increase in the week prior, the price of Chinese palladium bar fell 0.5 percent last week to CNY 194.00 ($31.26) per gram. The price of Japanese palladium bar rose 0.2 percent this week, closing out the third week at JPY 2,875 ($28.36) per gram.
The Global Precious Metals MMI® collects and weights 14 global precious metal price points to provide a unique view into precious metal price trends. For more information on the Global Precious Metals MMI®, how it’s calculated or how your company can use the index, please drop us a note at: info (at) agmetalminer (dot) com.